Parent Company Only Condensed Financial Statements

12 Months Ended

Dec. 31, 2013

Parent Company Only Condensed Financial Statements

Parent Company Only Condensed Financial Statements

Note 24. Parent Company Only Condensed Financial Statements

        Condensed Parent Company financial statements, which include transactions with subsidiaries, follow:

CONDENSED BALANCE SHEETS

	December 31,
(in thousands)	2013		2012
Assets
Cash	$	147,439	$	295,314
Securities		49,213		61,250
Other assets		87,621		71,885
Investment in City National Bank		2,583,000		2,407,500
Investment in non-bank subsidiaries		202,841		194,973
Total assets	$	3,070,114	$	3,030,922
Liabilities
Short-term borrowings	$	—	$	206,581
Long-term debt		304,618		302,765
Other liabilities		24,510		16,258
Total liabilities		329,128		525,604
Total shareholders' equity		2,740,986		2,505,318
Total liabilities and shareholders' equity	$	3,070,114	$	3,030,922

CONDENSED STATEMENTS OF INCOME

	For the year ended December 31,
(in thousands)	2013		2012			2011
Income
Dividends from Bank and non-bank subsidiaries	$	50,220	$	89,000		$	30,000
Interest and dividend income and other income		19,644		20,308			14,171
Gain on sale of securities		160		930			3,170
Total income		70,024		110,238			47,341
Expense
Interest on other borrowings		16,437		18,779			18,533
Other expenses		5,922		10,631			5,804
Total expenses		22,359		29,410			24,337
Income before taxes and equity in undistributed income of Bank and non-bank subsidiaries		47,665		80,828			23,004
Income taxes (benefits)		1,775		(3,424	)		(8,059	)
Income before equity in undistributed income of Bank and non-bank subsidiaries		45,890		84,252			31,063
Equity in undistributed income of Bank and non-bank subsidiaries		184,119		123,797			141,358
Net income	$	230,009	$	208,049		$	172,421
Less: Dividends on preferred stock		9,625		—			—
Net income available to common shareholders	$	220,384	$	208,049		$	172,421

CONDENSED STATEMENTS OF COMPREHENSIVE INCOME

	For the year ended December 31,
(in thousands)	2013			2012		2011
Net income	$	230,009		$	208,049	$	172,421
Other comprehensive (loss) income, net of tax:
Securities available-for-sale:
Net unrealized (losses) gains arising during the period		(1,116	)		111		466
Reclassification adjustment for net losses (gains) included in net income		584			—		(2,074	)
Total other comprehensive (loss) income		(532	)		111		(1,608	)
Comprehensive income	$	229,477		$	208,160	$	170,813

CONDENSED STATEMENTS OF CASH FLOWS

	For the year ended December 31,
(in thousands)	2013			2012			2011
Cash Flows From Operating Activities
Net income	$	230,009		$	208,049		$	172,421
Adjustments to net income:
Equity in undistributed income of Bank and non-bank subsidiaries		(184,119	)		(123,797	)		(141,358	)
Other, net		13,287			13,199			20,382
Net cash provided by operating activities		59,177			97,451			51,445
Cash Flows From Investing Activities
Purchase of securities available-for-sale		(29,942	)		—			(65,019	)
Sales and paydowns of securities available-for-sale		33,806			16,516			77,779
Net advances to subsidiaries		(100,000	)		(1,335	)		—
Other, net		2,275			11,641			11,036
Net cash (used in) provided by investing activities		(93,861	)		26,822			23,796
Cash Flows For Financing Activities
Net decrease in other borrowings		(205,535	)		(1,875	)		(757	)
Proceeds from exercise of stock options		40,466			22,428			5,089
Issuance of preferred stock		97,536			169,108			—
Cash dividends		(50,375	)		(80,380	)		(42,489	)
Other, net		4,717			3,089			1,999
Net cash (used in) provided by financing activities		(113,191	)		112,370			(36,158	)
Net (decrease) increase in cash and cash equivalents		(147,875	)		236,643			39,083
Cash and cash equivalents at beginning of year		295,314			58,671			19,588
Cash and cash equivalents at end of year	$	147,439		$	295,314		$	58,671